The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against China Intelligent Lighting and Electronics, Inc.
April 11 2011 - 8:00PM
Business Wire
The Shuman Law Firm today announced that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of all persons or entities who
purchased or otherwise acquired the stock of China Intelligent
Lighting and Electronics, Inc. (“China Intelligent” or the
“Company”) (AMEX: CIL) between June 18, 2010 and March 29, 2011,
inclusive (the “Class Period”).
If you wish to discuss this action or have any questions
concerning this notice or your rights and interests with respect to
this matter, please contact Kip B. Shuman or Rusty E. Glenn
toll-free at (866) 974-8626 or email Mr. Shuman at
kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint asserts violations of the federal securities laws
against China Intelligent, its officers and directors, and
underwriters for issuing materially false and misleading
information in the Company's public offering documents. On March
29, 2011 the Company issued an announcement revealing that its
auditor MaloneBailey LLP ("MB") had resigned and that MB had
withdrawn its prior audit opinion of the Company's financial
statements. MB said it "believed that the accounting records of the
Company have been falsified, which constitutes an illegal act." MB
also found that the accounting discrepancies could indicate a
material error in previously issued financial statements. MB also
stated that it could no longer rely on management's
representations. The Company also disclosed that it is the subject
of a formal SEC investigation.
If you purchased China Intelligent common stock during the Class
Period, you may request that the Court appoint you as lead
plaintiff of the class no later than May 31, 2011. A lead plaintiff
is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any
recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class
members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and
shareholder derivative actions.
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